We are going to despatch our product without payment of duty under notification 10/97(Research Instute - Public funded), whether we have to reverse 5% of duty under the Cenvat Credit Rule, 2004(rule 6)
Can any body explain me.
V.Vekanandhan
Sunbeam Generators Pvt ltd.,
Clarification on Duty-Free Dispatch: Companies Must Reverse 5% Value of Exempted Goods per Cenvat Credit Rule, 2004. A company inquired about dispatching products without paying duty under notification 10/97 for public-funded research institutes and whether they need to reverse 5% of the duty under Cenvat Credit Rule, 2004. A respondent clarified that if separate accounts for dutiable and exempted goods are not maintained, the company must reverse 5% of the value of exempted goods, which is non-recoverable and non-Cenvatable. The original inquirer expressed gratitude for the clarification. (AI Summary)
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